The deal sees the purchase of 19 of Bistrot Pierre's 25 restaurants, which are located throughout the UK, with the preservation of 682 jobs. Six restaurants fall outside the scope of the sale and will subsequently close, with a total of 123 redundancies.
Will Wright and Steve Absolom from KPMG were appointed joint administrators of Le Bistrot Pierre Limited on 14 July 2020. Following KPMG’s appointment, the administrators concluded a sale of the business and certain assets to a connected party, Bistrot Pierre 1994 Limited.
The new company has the same management team of chairman John Derkach and CEO Nick White, with backing from Livingbridge and NatWest.
“Covid-19 and the prolonged lockdown period has presented large swathes of the casual dining sector with significant funding challenges, and Bistrot Pierre has been far from immune," says Steve Absolom, joint administrator and partner at KPMG.
"Despite exploring all alternative options, including relief schemes like the Coronavirus Business Interruption Loan, the directors took the difficult decision to file for the appointment of administrators.
“We are pleased to have been able to conclude a transaction which preserves the majority of the business and associated jobs, ensuring the chain’s 25-year presence on local high streets can continue.”
Bistrot Pierre celebrated its 25th birthday last year having been founded by school friends Rob Beacham and Rob Whitehead. The pair opened their first restaurant, Pierre Victoire, together in Nottingham in 1994, which was later rebranded as Bistrot Pierre in 2005.